Musgrave today announced (5 July) reported sales of €3.7 billion and profit before tax of €73 million in its results for financial year 2016.
The group also outlined that its 'net cash was €121 million and shareholder funds were €249 million' at year end.
Chris Martin, Musgrave chief executive said: “2016 saw a strong performance by Musgrave benefitting from investment in our brands, a clear focus on cost reduction and the delivery of a transformation programme which we initiated in 2014 to turnaround the business and return to growth."
Get a FREE Digital Subscription!Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
Martin also said that investing in its brands during the recession was a successful strategy which positioned the group to benefit from recovering economies in the Republic of Ireland, Northern Ireland and Spain.
"Our business performed strongly in 2016 with turnover up 3.4% on a constant currency basis and we are well positioned to deliver long-term sustainable growth, capitalising on the anticipated growth of the grocery and foodservice markets across the island of Ireland and Spain." He said.
It attributed its investments in value, range, own brand, digital and in-store design reportedly resulted in 'SuperValu, Centra, Daybreak and MarketPlace occupying market leadership positions in 2016'.
Looking forward, Martin added, "We are continuing to drive our business and to look for new opportunities as appropriate.
"While the business is performing well to date in 2017, we remain cautious as a result of the uncertainty created by Brexit and its potential to slow growth in the Irish food and grocery retail sector.”
© 2017 - Checkout Magazine by Donna Ahern